Manhattan Real Estate Prices Down 20%

As anecdotal evidence about fall sales seeps out, well before brokerage reports about fourth-quarter transactions, evidence is mounting that not only have Manhattan housing prices slipped, they have done so by around 20 percent, which is a much more precipitous plunge than expected.

At this festive time of year, few things give me more pleasure than imagining the suffering of New York City real estate agents.

Continued significant price deterioration is guaranteed, as prices come into line with historical rent vs. own / debt-to-income ratios.